1958-07-18 Regular Meeting - Laserfiche WebLink

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i • P,2otio~. by Osburn, second by Boyle, that Ordinance No. 547, be adopted as read. The caption of such adopted ordinance reads as follows: A1V ORDINANCE AP,~IDING SECTION N0. 02JF ,(1) C(E' CRDINANCE PTO. -543,. passed~Atv'D APPROVED BY THE CITY COMMISSION OF THE CITY C~' LA PC~tTE ON THE 2ND DAY OF JUNE, A. D. 1958, PF-ESCR.IBING S~M1fF~ TAP CHARGES AND S~.AIER AND PLUMBING INSPECTION FEES . Carried. Upon motion by Boyle, second by Osburn, the following Resolution was adopted: STATE OF TEXAS ~ COUNTY OF h~~RR.IS ~ CITY OF LA POPt TE A RESOLUTION AIJTHORIZl:NG TPifs, CITY OF LA PORTE TO BOA~~J THE SU„d OF T 1':.OUSI~.ND DOLLAZt.S (~3, 000.00) , TO BL EVIDENCED BY TAX ANTICIPATION P10TE, PAYABLE OUT OF CURI~tENT TAXES COLLECTED D1T!tING TriF F'ISOAL YE AR BEGINNING JULY 1, 1958 AND ~IDII~ JUNE 30, 1959. IR.I~tEA5, it has been determined by the City Commission of the City caf La. Porte that a necessity exists to borrow the sum of .Three Thousand Dollars 03,000.00), for general administrative purposes ar_d that the antici- pated current revenue from ad valorem taxes will amount to approximately Ninety Thousand Dollars 090,000.00); and '~PF~REAS, the First National Bank of La Porte has agreed to make the City a loan in s~.d sum, to be paid- in twelve (1?_) equal monthly installments of principal in the sum of Two Hundred and Fifty Dollars 0250.00) each i°rith five~per cent (5~) per annum interest thereon, such interest payable monthly as it accrues; and ~YP~REAS, the City will have current revenues fr©m the collection of said taxes available and suf~icient to pay sa. d obligation at maturity: NCkY, TI-~REFL'i~E, ,BE IT RESOLVE BY THL CITY COP~',U:SSION OF TIC L'ITY OF LA PORTE, TEICAS, that the P,Rayar' and City Clerk (Director of Finance) be authorized to issue a pror.Li.ssory note of the City of La Porte, to be desig- nated "Tax Articipa.tion note for the Fiscal Year Beginning July 1, 1958, and en~3i.ng June 30; 1959, such note to be in the principal surn of Tl~mee Thousand Dollars (~3, 000.00), t o bear interest at the rate of five per cent (5 0) per. annum until maturity, such interest p ayable monthly as it accrues, with the usual provision for interest at the rate of ten rer cent (10~) per annum on past due interest and ten per cent (10c°) attorneys s fees, the principal. of such rote to be due ark payable in monthly installments of T<~ro Hundred and Fifty Dollars 0250.00) each plus interest on the unpaid balance payable monthly as it ar:crues; that said note be sold by the City to the First Dtational